Types of trust accounts
A trust account is an account where you (as a trustee) can hold money in trust on behalf of someone else (a beneficiary).
A trustee is someone who holds or manages money for another person and must keep records and report back. This can be an accountant, solicitor, licensee or another trusted person.
In Queensland, trust accounts have reporting requirements under the law. What you need to report depends on the type of trust account you have.
Licensee trust accounts
Some jobs licensed by the Office of Fair Trading may also need to use a trust account.
Learn more about opening and operating a trust account as a:
- real estate agent
- motor dealer
- resident letting agent
- auctioneer
- pastoral house agent
- debt collector or process server (commercial agent).
Learn more about the role of the auditor for the trust account of a:
Contacts for licensed trust accounts
By post
Financial Investigations Office
Office of Fair Trading
GPO Box 3111
BRISBANE QLD 4001
By phone
(07) 3872 0823 or (07) 3033 0144
By email
financial.oft@justice.qld.gov.au
Solicitor trust accounts
Solicitors who set up and operate trust accounts in Queensland report to the Queensland Law Society.
Learn more about the solicitor trust accounts requirements.
Contacts for solicitor trust accounts
By post
Queensland Law Society
179 Ann Street
BRISBANE QLD 4000
By phone
By email
Building industry trust accounts
Trust accounts in Queensland’s building and construction industry were introduced to protect progress payment and retention amounts for contractors and subcontractors.
Learn more about trust accounts in the building industry and their phased commencement.